approval rating

That’s right – even at their lowest ebb right now, Obama’s are better numbers than Hugo has (although Harry Reid would probably kill for Hugo’s numbers):

In a survey last month, Consultores 21 found that only 36 percent of Venezuelans approved of Chavez’s performance, a seven-year low.

Any guess why? Yeah, I know, a real stumper. Let’s channel Bill Clinton’s campaign message for a minute. Ah, yes, there it is – "it’s the economy, stupid." Do you know what the Venezuelan economy looks like right now?

The Economist magazine provides statistics weekly on 57 nations, from the United States to Estonia. Its most recent report forecasts that gross domestic product in Venezuela will decline by 5.5 percent in 2010. Next worst is Greece, with a 3.9 percent decline. Greece, of course, came close to defaulting on its debt earlier this year, and analysts at Morgan Stanley worry that Venezuela is moving in the same direction.

“Our new baseline of at least three years of economic contraction suggests the risks to Venezuela’s ability to honor its international financial commitments may be on the rise,” wrote Daniel Volberg and Giuliana Pardelli in a June report, at the same time predicting that GDP will fall by 6.2 percent in 2010. “While most of Latin America, in line with the globe, has been in recovery mode since last year, Venezuela has seen an intensifying downturn in activity,” they added.

So that’s GDP, the single best measure of economic health. When it comes to inflation, no one is close to Venezuela. Consumer prices are already up 31 percent for 2010 and are expected to rise more by year-end. Only two of the remaining 56 nations monitored by the Economist are suffering double-digit inflation: India and Egypt, both with 11 percent price increases.

Venezuela’s stagflation is all the more remarkable because, as the No. 8 oil-producing nation in the world, the country should be benefiting handsomely from high oil prices.

And it most likely would be doing so if it didn’t have an idiot who thinks socialism works at the helm.

Chavez has spent a lot of time, however, consolidating the organs of government power under his control and stomping out any opposition media in an attempt to keep Venezuelans in the dark (and not just from the rolling blackouts that plague the country) as to what is happening. But economics have a way of running those sorts of blockades when the reality of them sets in on the populace:

But even a news blackout would not prevent Venezuelans from knowing firsthand what is happening to their nation’s economy. Retail sales were down 12 percent in the first half of the year; sales of food, beverages, and tobacco in specialty stores were off 30 percent. Chavez slapped on permanent exchange controls to prevent “the oligarchy from taking U.S. dollars and depositing them in banks around the world.” But like most such controls, they have only panicked investors and businesses and led to more capital flight. Figures from the Central Bank of Venezuela showed $9 billion in capital outflows in the first half of the year.

Venezuelans go to the polls tomorrow in a similar situation to the US – midterm elections and a ruling party that has proven to be inept and corrupt. It is parliament they’ll be voting for. And given the shape of the country, the censorship, inflation, crime (Caracas is more dangerous than Baghdad) and economic disaster Venezuelans have been experiencing the opposition does indeed have some "hope" for "change".

Thirty-eight percent of independents approve of the job Barack Obama is doing as president, the first time independent approval of Obama has dropped below 40% in a Gallup Daily tracking weekly aggregate. Meanwhile, Obama maintains the support of 81% of Democrats, and his job approval among Republicans remains low, at 12%.

That’s right – those that have the power to swing any election have mostly fallen out of love with Obama. And, one would assume, that would be driven by what he has done or not done as the case may be. But the point is 4 months before these crucial elections, only 38% of the group that secured him in office still approve of him and the job he’s doing.

You don’t think that will reflect in November?

Democrats and the left, of course, have no where to go but they can stay home – and I think many will. The Republicans and the right are fired up and energized. They’re going to turn out. Whether or not independents turn out or not, it appears they will not be overwhelmingly supporting Democrats because of “good approval ratings” for the president. In fact, the opposite case can be compellingly made.

I think it is becoming increasingly obvious to everyone, to include Congressional Democrats, that the GOP will win seats in both chambers of Congress. The only thing left to guesswork is how many.